Bush Using Economy to Sabotage Obama's Election Bid

[SSG Snuggle Bunny]

Ruthless bastard!

Surge for the dollar as global fears rise
By our international staff

Published: August 15 2008 10:20 | Last updated: August 15 2008 19:14

The dollar surged to a two-year high against the pound and a six-month peak against the euro on Friday, as fears about spreading economic gloom triggered a sell-off in commodities.

Against sterling, the US currency notched up its 11th consecutive day of gains – its longest uninterrupted rise in more than 35 years – as markets became increasingly convinced that the US was best-placed to weather the global downturn.


The strong dollar rebound undermined sentiment in the gold market, where prices fell below $800 for the first time this year to $774.90 a troy ounce, almost a quarter lower than early March’s record $1,030.80.

Prices for crude oil, platinum, copper, aluminium, corn and soyabeans have also retreated from records hit this year, prompting speculation that commodity prices have reached a turning point.

“The golden age when commodity prices could only go up is gone,” said Marco Annunziata, chief economist at Unicredit.

Military tensions between Russia and Georgia have offered little support to the price of gold, while oil prices have continued to fall in spite of interruptions to two key pipelines carrying crude from the Caspian sea to Turkey.

The long-running surge in commodities and resulting inflationary pressures had been a main factor in slowing global economic activity – playing a bigger role than global financial turmoil, for instance, in the eurozone. The eurozone economy shrank in the second quarter for the first time since the launch of the euro in 1999, while Japan’s economy contracted 0.6 per cent, its worst performance for seven years. The US staged at least a modest recovery in the same period.

http://www.ft.com/cms/s/0/dc97963e-6aa9-11dd-b613-0000779fd18c.html?nclick_check=1

Actually I'm a firm believer in the notion that US president's can do only 1 of 2 things with the economy:

A) suck enough money out of it to ruin it

B) not do A)

Still, it's fun to see the false prophets of doom fail yet again.

[DumbAss Tanker]

Actually I'm a firm believer in the notion that US president's can do only 1 of 2 things with the economy:

A) suck enough money out of it to ruin it

B) not do A)

Still, it's fun to see the false prophets of doom fail yet again.

I think you've pretty much got the basics down, there.

[Lord Undies]

What if the liberals gave a recession and nobody came? 

Gas was selling at $3.39 yesterday up on the highway.  That is a staggering decrease in a staggering short period of time. 

I told my wife as I was pointing to the price marquee, "Somebodies realized their goal cuz now that looks like a bargain".

[Chris_]

How DARE the US enjoy a return to prosperity when it only hurts The Messi-uh.